Latest Profit Loss Headlines
All the headlines from our Profit Loss Topic Page, ordered by recency.
Marine Insurance Losses Likely to Be Under $250M from Beirut Port Blast: Carpenter
Aug 11 2020 // Insurance claims for damage to ships, goods and the port itself after a warehouse explosion last week in the port of Beirut were likely to total less than $250 million, reinsurance broker Guy Carpenter said on...
Insured Losses From Hurricane Isaias Could Reach $4 Billion in U.S.
Aug 10 2020 // Hurricane Isaias likely caused $4 billion of insured losses in the U.S. and $200 million in the Caribbean, according to risk modelers at Karen Clark & Co. The estimates cover privately insured wind and storm surge...
Berkshire Insurance Units Hold Their Own While Pandemic Slams Other Buffett Firms
Aug 10 2020 // Berkshire Hathaway Inc. had a tough second quarter with the pandemic taking a toll on most of its operating businesses including Precision Castparts aircraft parts, the BNSF railroad, Occidental Petroleum Corp., Kraft...
Global Commercial Insurance Rates Up 19% on COVID-19, Other Large Losses: Marsh
Aug 10 2020 // Global average commercial insurance prices increased 19% in the second quarter of 2020, according to the latest Global Insurance Market Index released by broker and risk adviser Marsh. The increase, the largest since the...
Allstate Reports Strong Q2 with Profit Up 49% Despite Pandemic
Aug 10 2020 // What pandemic? Allstate’s doing just fine. The giant personal lines insurer reported net income of $1.2 billion for the second quarter, an increase of 49% compared to the prior year quarter. Underwriting income...
Progressive Q2 Profit Up on Fewer Accidents; CEO Says ‘Black Lives Matter,’ Vows Action
Aug 10 2020 // “Black Lives Matter to me and they matter to us as an organization,” Progressive Corp. CEO Tricia Griffith wrote in a letter to shareholders. In the letter that was mostly commentary on second quarter results,...
Why Condominium Associations Should Consider Risk Management and Financing with Caution
Aug 10 2020 // Insurance for a condominium association is designed to finance the insurable exposures for the association. These exposures include the property and several liability exposures, including what would be covered by a...
D.C. Judge Rules For Insurer, Dismisses Restaurants’ Business Interruption Claims
Aug 7 2020 // The insurance industry has notched another victory in its defense of its commercial insurance policies against claims for business interruption due to the coronavirus. In a case brought by the owner of several restaurants...
CNA Reports Q2 Profit Despite COVID-19, Weather, Civil Unrest Losses
Aug 6 2020 // CNA Financial Corp. saw its 2020 second quarter net income sliced almost by half compared to the previous year due to “considerable catastrophe losses” from COVID-19, civil unrest and weather-related...
Munich Re’s Q2 Net Profit Slumps 42% on COVID-Related Losses
Aug 6 2020 // German reinsurance group Munich Re posted a 42% decline in second-quarter net profit, with around 700 million euros ($832 million) in losses related to the coronavirus pandemic in the period. The company, which had already...
Insurer AXA, With H1 Net Income Down 40%, Warns of Future COVID-19 Shocks
Aug 6 2020 // AXA SA’s profit sank in the first half as it booked a 1.5 billion-euro ($1.8 billion) charge for claims related to COVID-19 and warned of further shocks from the pandemic. The French insurer saw net income fall 39%...
AIG’s Zaffino Sees COVID-19 Creating Beneficial ‘Flight to Quality’
Aug 6 2020 // AIG President and Chief Operating Officer Peter Zaffino said that the insurer has seen accelerated rate improvements and other gains as clients react to the ongoing COVID-19 pandemic. “We believe that COVID has...
Liberty Mutual Reports Q2 Loss on COVID-19 Event Cancellations, Storms, Downturn
Aug 6 2020 // Liberty Mutual Holding Co. reported a net loss of $320 million for the second quarter versus net income of $397 million for the same quarter last year. The loss reflected the impact of COVID-19, catastrophes and the...
Arthur J. Gallagher Reported 2Q Profit of $153.7M
Aug 5 2020 // Arthur J. Gallagher & Co. reported second-quarter profit of $153.7 million. The Rolling Meadows, Ill.-based company said it had net income of 79 cents per share. Earnings, adjusted for non-recurring costs, were 94...
Allianz’ Net Profit Drops 29% in 2nd Quarter Amid COVID-19 Crisis
Aug 5 2020 // German insurer on Wednesday posted a 29% fall in net profit in the second quarter from a year earlier and shied away from updating its full-year profit guidance as the coronavirus pandemic slows business and clouds the...
CNA Financial Reports Second Quarter Profit of $151M
Aug 4 2020 // CNA Financial Corp. on Monday reported second-quarter profit of $151 million. On a per-share basis, the Chicago-based company said it had net income of 55 cents. Earnings, adjusted for investment gains, were 36 cents per...
Mercury General in California Reports 2Q Earnings of $228M
Aug 4 2020 // Mercury General Corp. on Monday reported second-quarter earnings of $228.2 million. The Los Angeles-based company said it had net income of $4.12 per share. Earnings, adjusted for investment gains, were $1.86 per...
UK Insurer Direct Line’s H1 Profits Beat Forecasts as Auto Claims Drop During Lockdown
Aug 4 2020 // Insurer Direct Line gave a double bonus to shareholders on Tuesday as first-half profits beat expectations due to a slump in motor claims as Britons drove less during the coronavirus lockdown. Britain’s biggest car...
AIG Q2 Profit Falls on Higher Catastrophe Losses, Lower Private-Equity Returns
Aug 4 2020 // Insurer American International Group Inc. on Monday posted a 56% fall in quarterly adjusted earnings, spurred partly by higher catastrophe losses and lower private-equity returns. Adjusted after-tax income attributable to...
Amerisafe in Louisiana Reports Higher Than Expected Earnings
Aug 3 2020 // Amerisafe Inc. (AMSF) reported second-quarter net income of $23.9 million. On a per-share basis, the Deridder, Louisiana-based company said it had net income of $1.24. Earnings, adjusted for non-recurring gains, came to $1...
